Disaster Planning & Recovery

For the most up-to-date resources, visit the SBA Disaster Assistance page at the link here:

Disaster planning and Disaster recovery are topics most businesses don’t want to think about.

The time it takes for a business to return to something like normal operating levels depends on a number of key issues:

Overall damage assessment – can you operate from your existing location and what inventory, supplies, equipment and other key assets are recoverable
Your insurance coverage and how quickly your claim can be processed
Any government assistance you can access
Communication with employees, customers, suppliers, and creditors/investors
An assessment of the business’s financial position
Developing a plan to reopen your business

Following a disaster, it is anything but ‘business as usual’ for you, your employees and customers. The faster you can return your business to some level of normal operations, the quicker you can restore your income, jobs, and the goods and services you supply to your customers. However, research shows that up to 40% of businesses affected by a disaster may never reopen.

KENTUCKY SMALL BUSINESS DISASTER RECOVERY GUIDES

WHAT TYPE OF ASSISTANCE IS AVAILABLE TO KENTUCKY SMALL BUSINESSES?

Federal Disaster Loan Programs

U.S. SBA Business Physical Disaster Loan

The SBA’s Business Physical Disaster Loan program loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size and most private nonprofit organizations may apply to the SBA for a loan to recover after a disaster.

The SBA Business Physical Disaster Loan covers disaster losses not fully covered by insurance. If you are required to apply insurance proceeds to an outstanding mortgage on the damaged property, you can include that amount in your disaster loan application.

Learn More and Apply Online: https://www.sba.gov/funding-programs/disaster-assistance

U.S. SBA Economic Injury Disaster Loan

The SBA’s Economic Injury Disaster Loan program provides capital loans to help small businesses, small agricultural cooperatives, and most private, non-profit organizations meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.

A business may qualify for both an EIDL and a physical disaster loan. The maximum combined loan amount is $2 million.

Learn More and Apply: https://www.sba.gov/funding-programs/disaster-assistance

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

For assistance with SBA disaster loans (including physical loss and non-COVID EIDL), please email disastercustomerservice@sba.gov.
You can also call 800-659-2955 from 8:00 a.m. – 8:00 p.m. ET Monday through Friday. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
After a declared disaster, SBA operates Disaster Recovery Centers where you can get in-person assistance. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Recovery Center in advance.

Our Kentucky SBDC Business Coaches Are Here To Help Your Business Recover

Our Business Coaches Are Available To Help You Navigate Disaster Assistance Programs And Develop A Plan For Reopening. Give us a call at 1-888-414-7232.

Email Us